{"id":28104,"date":"2017-07-05T04:00:00","date_gmt":"2017-07-05T08:00:00","guid":{"rendered":"https:\/\/goebt.com\/https-blog-cdesolutions-com-2017-07-a-cashless-society-not-yet\/"},"modified":"2025-04-02T14:49:16","modified_gmt":"2025-04-02T18:49:16","slug":"a-cashless-society-not-yet","status":"publish","type":"post","link":"https:\/\/goebt.com\/a-cashless-society-not-yet\/","title":{"rendered":"A Cashless Society? Not Yet."},"content":{"rendered":"<p><span id=\"hs_cos_wrapper_post_body\" class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text\" style=\"\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"rich_text\"><\/p>\n<p><em><strong>Technology is evolving at an exponential rate and the way that consumers view cash is changing with it.<\/strong><\/em>&nbsp; As new methods of payment become available, consumers are adapting the way they shop and spend their money.&nbsp; In recent years, many payments industry reports have said that cash will soon be extinct and payments by way of plastic or other virtual methods will take over.&nbsp; However, industry experts have found that cash is still king for many of today\u2019s consumers.<\/p>\n<p> <!--more--><\/p>\n<p><strong>Who\u2019s using cash?<\/strong><\/p>\n<p>While tech-savvy millennials are often thought to prefer electronic payment options, <a href=\"http:\/\/www.prnewswire.com\/news-releases\/in-us-economy-cash-is-still-a-king-among-consumer-payments-packaged-facts-report-300456225.html\" rel=\"noopener\">U.S. Consumer Payments Outlook Through 2020<\/a> by Packaged Facts found that 38% of people in the 18-24 year old demographic prefer to use cash.&nbsp; Interestingly, this was the largest share of people who prefer cash.&nbsp; Still, nearly a quarter of all other age groups reported that they also prefer to use cash for payments.<\/p>\n<p><strong>What are the reasons for using cash?<\/strong><\/p>\n<p>Many consumers who report preferring cash to other payment methods cite <a href=\"https:\/\/www.atmmarketplace.com\/blogs\/why-consumers-still-love-cash\/\" rel=\"noopener\">four main reasons<\/a>:<\/p>\n<ul>\n<li>Security \u2013 consumers want to avoid having their identity and financial data stolen in security breaches.<\/li>\n<li>Debt concerns \u2013 consumers say that using cash makes saving and budgeting easier, especially for large purchases.<\/li>\n<li>Convenience \u2013 with cash, consumers can reduce the likelihood that their payment would not be accepted or that errors will prevent them from paying.<\/li>\n<li>Anonymity \u2013 consumers have found that because cash is not connected to their personal identity, they can avoid being a part of big data or targeted marketing.<\/li>\n<\/ul>\n<p><strong>Where do people use cash the most?<\/strong><\/p>\n<p><a href=\"http:\/\/www.prnewswire.com\/news-releases\/in-us-economy-cash-is-still-a-king-among-consumer-payments-packaged-facts-report-300456225.html\" rel=\"noopener\">Packaged Facts\u2019<\/a> report found that cash is usually used in:<\/p>\n<ul>\n<li>Gifts and P2P transfers<\/li>\n<li>Government\/non-profit purchases<\/li>\n<li>Food and personal care supplies<\/li>\n<li>Auto\/vehicle related purchases<\/li>\n<\/ul>\n<p>Although cash has remained a relevant payment method, it has been noted that the <a href=\"http:\/\/www.csnews.com\/industry-news-and-trends\/technology\/consumers-still-embrace-cash-among-payment-options\" rel=\"noopener\">majority of cash spending is for transactions under $25<\/a>.&nbsp; For this reason, small businesses likely won\u2019t be seeing a decline in their customers\u2019 cash payments anytime soon.<\/p>\n<p><strong>What does the future of cash hold?<\/strong><\/p>\n<p>ATM company <a href=\"http:\/\/www.cardtronics.com\/pdf\/infographics\/HealthOfCashStudy_2016.pdf\" rel=\"noopener\">Cardtronics\u2019 Health of Cash Study<\/a> clearly stated that \u201cA cashless society is a myth today and for the foreseeable future\u201d.&nbsp; Their 2016 report on payment behavior and cash use stated that 23% of consumers were using cash more frequently than the year before.<\/p>\n<p>As the payments landscape evolves, more and more consumers are welcoming the ability to use a mixture of payment methods and to have choices.&nbsp; Although Millennials use electronic payment methods like cards, mobile wallets, and retailer apps, they still consider cash the easiest way to pay.<\/p>\n<p>Merchants and their payment service providers should avoid moving toward a one-dimensional payment solution for consumers, and instead look toward solutions that offer several choices.&nbsp; It\u2019s understandable to assume that as digital payments become more refined and consumers become more comfortable, they will become the norm.&nbsp; However, now is just too early to turn away from traditional payments, especially cash. Consumers, especially millennials, say they see the future of payments as bright\u2026and still including cash.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technology is evolving at an exponential rate and the way that consumers view cash is changing with it.&nbsp; As new methods of payment become available, consumers are adapting the way they shop and spend their money.&nbsp; In recent years, many payments industry reports have said that cash will soon be extinct and payments by way [&hellip;]<\/p>\n","protected":false},"author":244,"featured_media":28105,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1],"tags":[205,217],"class_list":["post-28104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-important-announcement","tag-industry-news","tag-technology"],"_links":{"self":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts\/28104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/users\/244"}],"replies":[{"embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/comments?post=28104"}],"version-history":[{"count":1,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts\/28104\/revisions"}],"predecessor-version":[{"id":31228,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts\/28104\/revisions\/31228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/media\/28105"}],"wp:attachment":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/media?parent=28104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/categories?post=28104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/tags?post=28104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}